Old Notes deadline: El-Rufai, Plaintiff Govs reject Buhari’s proposals
…Fault 60days extension deadline for only N200 notes
…El-Rufai, Yahaya Bello storm Court
…Put hope on Supreme Court judgement
…As El Rufai denies Govs’ meeting with Buhari
Olaseinde Gbenga, Abuja
The plaintiff governors led by Governor Nadir El Rufai of Kaduna State rejected proposals to extend legal tender of only N200 old notes till April 10, 2023 by President Muhamnadu Buhari.
Others include Ogun State Governor Prince Dapo Abiodun Kogi State Governor Yahaya Bellio and Zamfara State Governor, Matawalle.
Others are the home state of President Muhammadu Buhari, Katsina, Sokoto states, four Southwest States of Lagos, Ekiti, Ondo and Cross River State.
It would be recalled that the Rivers State Governors Nyesom Wike and other PDP Governors had vowed to join the four governors in the suit filed against the Federal Governor over the withdrawal deadline for old notes. Gov Abiodun joined the Governors on Monday and threatened to shut banks rejecting old notes. Further intensified as no less than nine Governors joined the suit challenging the Federal Government.
Three states, including Kaduna, Kogi and Zamfara had taken the lead filing a suit before the Supreme Court which Wednesday 08 February, saw them successfully secure an injunction against the Federal Government, the CBN and the Commercial Banks from implementing the February 10 deadline set to terminate the status of the old Naira notes of N1,000, N500, N200 from being legal tender. The suit against the Federal Government is seeking a restraining order to stop the full implementation of the Naira redesign policy of the CBN.
Meanwhile, on the other hand, Edo and Bayelsa have filed to be joined as respondents in the suit.
The seven-man panel led by Justice John Okoro ordered them to amend their processes to be heard as one.
Meanwhile, pending hearing, the old order to suspend the ban of the now older N200, N500 and N1,000 Naira notes subsist.
President Muhammadu Buhari had reportedly considered extending the validity of old naira notes by 60 days.
This is to avoid disobeying the order of the Supreme Court of Nigeria which ruled that the old N1,000, N500 and N200 notes remain valid until it delivers judgment in the case filed by some states against the federal government.
Kaduna State Governor, Nasir El-Rufai, on Wednesday alleged that some Federal Government officials are seeking out-of-court settlement over the controversy trailing the naira redesign by the Central Bank of Nigeria (CBN).
Earlier on Wednesday, the Supreme Court adjourned the suit filed by state governments to challenge the naira redesign policy of the apex bank till February 22.
The CBN had insisted that the deadline of February 10 would not be changed but a senior government official revealed that Buhari was worried about the challenges faced by Nigerians as well as the legal implications of disobeying the order of the constitutional court.
El Rufai said in a statement released after the apex court’s adjournment and dismissed reports that some governors had held a meeting with the Federal Government over the issue.
The Governor, in a statement by his media aide, Muyiwa Adekeye, said the terms proposed by Federal Government’s officials were to allow only the old N200 note to remain legal tender and be circulated by the CBN till 10 April 2023.
According to El-Rufai, they claimed that the CBN had already destroyed the old N500 and N1,000 notes that had been deposited but that those persons who still held the old notes could redeem them up to 10 April 2023.
“These were not considered as serious proposals, for obvious reasons. Circulating the old N200 notes alone would not be sufficient to relieve widespread human suffering in Kaduna State, and indeed in Nigeria today. They knew that and that is why they falsely claimed that the CBN had already destroyed the old N500 and N1,000 notes,” El-Rufai stated.
He added, “It is also a non-starter to insist on a new cut-off date without first assuring that sufficient new notes would have been printed and circulated. The information available to the Governors also indicate that the Mint will need at least 12 months to print the minimum amount of N1 trillion needed to ensure a functioning trade and exchange environment in Nigeria.
“The tabling of false facts, inadequate solutions to the sufferings of our people, and the bad faith that some of the FG negotiators displayed in our phone conversations and chats have now been taken further in leaking a false account and context to a respected medium. The plaintiff governors rejected the draft proposal as insincere, and invested our hopes in the Supreme Court of Nigeria.”
However, in the alleged meeting between Buhari and the leadership of the Nigeria Governors Forum (NGF) as well as the Progressives Governors Forum (PGF) until the early hours of Wednesday.
The Apex Court sitting in Abuja on Wednesday adjourned the hearing to Wednesday, 22nd February 2023.
Meanwhile, on its own part, Rivers State told the apex court that its own case was different, saying it specifically intends to challenge the N5 million and N100 million withdrawal limits that were set by FG.
Recall that a seven-man panel of the Supreme Court had Wednesday 08, barely two days to the February 10 deadline set by the Federal Government, in a unanimous ruling granted an interim injunction restraining the Federal Government from implementing the CBN’s February 10 deadline for the swapping of the old Naira notes with the new ones.
El-Rufai, Yahaya Bello storm Court
Meanwhile on Wednesday, to show their determination, Kaduna State Governor, Nasir El-Rufai, and his Kogi State counterpart, Yahaya Bello, attended Wednesday’s proceedings in Abuja at the Supreme Court to monitor development in the suit their States filed against the Federal Government and the CBN on the Cashless Policy.
The two Governors arrived in the courtroom around 8:30am in the company of their supporters and top government officials.
Meanwhile, there has been report that President Muhammadu Buhari is considering extending the validity of the old Naira notes by 60 days, but must have handicapped by the Court injunction.
Although CBN had insisted that the deadline of February 10 would not be changed, internal sources according to some reports had said Buhari was considering the legal implications of disobeying the order of the constitutional court, by making a pronouncement.
…Govs issue warnings to Banks, other businesses rejecting old notes
Meanwhile, more Governors have begun to issue threat to Banks and other businesses in their respective States rejecting the old Naira notes.
Banks have continued to refused to collect old notes of N1,000, N500 and N200 despite last week Supreme Court injunction that ruled that the old notes should still be legal tender pending the determination of the suit challenging the introduction of the newly redesigned Naira.
Findings however indicated that many banks have refused to comply with the apex court order but have rather decided to go by the February 10 deadline for the swap of the new Naira notes as set by the CBN.
Lagos State Governor recognising the hardship the scarcity of the new notes has cost residents of the State, who he said have remained calm despite the hardship, has warned those rejecting the old notes to desist or face prosecution.
This is just as the State Government officially confirmed it has joined other States in the suit initially filed by three northern States of Kaduna, Kogi and Zamfara, challenging the Federal Government’s Naira redesign policy, which has been coloured with strains of scarcity of the new notes.
A statement on Wednesday to the effect signed by the State Commissioner for Information & Strategy, Gbenga Omotoso, a copy of which was made available to our correspondent, read: “The Lagos State Government wishes to put on record the patience and calmness of Lagosians following the controversy generated by the Naira shortage crisis.
“The State Government has joined the dispute at the Supreme Court, which today adjourned the hearing of the matter till February 22. When the matter first came up on February 8, the apex court said the old notes remained legal tender.
“That position has not changed. The State Government hereby warns those rejecting the old notes to desist from doing so or face prosecution. It is against the law to reject the old notes as doing so is contrary to the position of the Supreme Court.
“Governor Sanwo-Olu urges Lagosians to remain law-abiding and shun mischief makers who may exploit this temporary situation to promote their anti-people agenda. He is confident that the Judiciary will resolve all the issues around the currency shortage crisis.
“To cushion the effect of the Central Bank of Nigeria (CBN) directive on the old notes, especially on the vulnerable among us, Lagos State has started the distribution of the food packs promised by the Governor. The 50 per cent fares slash on all state transportation facilities continues, as directed by Mr Governor.”
In a similar vein, Osun State Governor, Ademola Adeleke has warned commercial banks operating in the State against hoarding of the new Naira
The Governor, in a statement issued on Wednesday by his spokesperson, Mallam Olawale Rasheed, said, “I am pained by the current hardship inflicted on our people. Daily living has become a nightmare. All sectors of the society are witnessing untold hardship. I call on bank chiefs to have mercy on the poor, the middle class and even the rich.
“We must make the new Naira notes available or we continue to accept old notes. We must stop punishing the citizens even when they commit no sin.
“I hereby warn the banks in Osun State to be humane. We should not encourage insurrection against the government by citizens through unfair policies and actions. Banks in Osun State must meet the demands of the people for new notes. Those banks who have stopped receiving old notes must reverse that policy. Our people are being pushed to the wall.”
On his part, Ogun State Governor, Prince Dapo Abiodun, reiterated his warning that the State Government will clamp down on banks and businesses rejecting the old Naira notes.
Explaining that part of the measures being considered may include getting security agencies to arrest anyone who refuses to accept old Naira notes, the Governor said the directive became imperative after an on-the-spot assessment of business transactions at some filling stations in Ijebu-Ode.
In a statement issued by his Chief Press Secretary, Kunle Somorin, on Wednesday, the Governor stated that old Naira notes of N1000, N500 and N200 are still valid and anyone who refuses to accept the old currency would be dealt with according to the dictates of the law.
“It has come to the notice of the State Government that some people and traders were rejecting the old Naira notes from the citizens, a development that is not healthy thereby inflicting untold hardship on the people of the State,” he said.
Gov. Abiodun said the old Naira notes are still valid and anybody found rejecting them would be arrested and prosecuted, calling on the people to go about their legitimate businesses and report any person who refuses to accept the old Naira notes to Security Agencies for necessary action.
Kano State Governor, Abdullahi Ganduje, had on Tuesday warned that the State Government will not hesitate to revoke the operational licences of major business owners who refuse to accept the old naira notes as a means of transaction in the State.
Ganduje gave the warning in a statement issued by the commissioner for information and internal affairs, Malam Muhammad Garba, in Kano on Tuesday.
The Governor said that the old naira notes were still legal tenders.
He explained that the Supreme Court was emphatic on its interim injunction on the issue of old Naira notes which would continue to be used as legal tender hand in hand with the new ones until the gradual and final phase-out.
Ganduje said that the State Government observed business owners such as supermarkets, malls, banks, restaurants, hotels, traders in markets, filling stations, and motor parks, among others, were in the habit of rejecting the old naira notes in business transactions.
The Governor said that this non-acceptance by selfish individuals is further worsening the already tense situation exacerbated by the non-availability of the new Naira notes.
He said the people have suffered enough untold hardship and therefore, the State Government “would not fold its arms and allow a few selfish elements in our midst to worsen the situation.”
Ganduje called on people of the State to continue with their lawful businesses and report anyone who refuses to accept the old Naira notes to the appropriate security outfit for prompt action.
